Market Overview

Mid-Afternoon Market Update: Dow Rises Over 100 Points; Francesca's Shares Drop Following Downbeat Q2 Results

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Toward the end of trading Tuesday, the Dow traded up 0.52 percent to 25,992.26 while the NASDAQ climbed 0.65 percent to 7,975.88. The S&P also rose, gaining 0.46 percent to 2,890.31.

Leading and Lagging Sectors

Tuesday afternoon, the energy shares rose 1.15 percent. Meanwhile, top gainers in the sector included North American Construction Group Ltd. (NYSE: NOA) up 9 percent, and Contango Oil & Gas Company (NYSE: MCF) up 6 percent.

In trading on Tuesday, utilities shares fell 0.31 percent.

Top Headline

Renesas Electronics Corporation (OTC: RNECY) announced plans to acquire Integrated Device Technology (NASDAQ: IDTI) for $6.7 billion.

Renesas will pay $49 per share in cash to buy Integrated Device Technology, representing a 16 percent premium over its closing price on Monday.

Equities Trading UP

Invuity, Inc. (NASDAQ: IVTY) shares shot up 27 percent to $7.325 after the company agreed to be acquired by Stryker Corporation (NYSE: SYK) for $7.40 per share in cash.

Shares of IZEA Worldwide, Inc. (NASDAQ: IZEA) got a boost, shooting up 31 percent to $1.97 after the company late Monday reported a deal with a top 50 US retailer. Separately, the company issued Q3 guidance and said it expects Q3 to see the largest bookings in company history.

Integrated Device Technology, Inc. (NASDAQ: IDTI) shares were also up, gaining 11 percent to $46.59 after Renesas Electronics Corporation (OTC: RNECY) announced plans to acquire Integrated Device Technology for $49 per share in cash.

Equities Trading DOWN

Francesca's Holdings Corporation (NASDAQ: FRAN) shares dropped 32 percent to $4.02 after the company posted downbeat Q2 results and issued weak Q3 forecast.

Shares of USA Technologies, Inc. (NASDAQ: USAT) were down 35 percent to $9.875. The company earlier announced it will delay the filing of its 10-K for 2018 until an audit committee completes internal investigation of prior period matters.

Sonos, Inc. (NASDAQ: SONO) was down, falling around 21 percent to $16.8445 after the company reported downbeat earnings for its third quarter. The company said it will not provide quarterly guidance going forward.

Commodities

In commodity news, oil traded up 2.68 percent to $69.35 while gold traded up 0.19 percent to $1,202.10.

Silver traded down 0.04 percent Tuesday to $14.175, while copper fell 0.29 to $2.6205.

Eurozone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.05 percent, the Spanish Ibex Index rose 0.14 percent, while Italy’s FTSE MIB Index declined 0.31 percent. Meanwhile the German DAX declined 0.13 percent, and the French CAC 40 rose 0.27 percent while U.K. shares fell 0.08 percent.

Economics

The NFIB small business optimism index increased rose 0.9 points to a reading of 108.8 for August.

The Johnson Redbook Retail Sales Index rose 0.8 percent during the first week of September versus August.

U.S. job openings rose to 6.9 million in July, according to the Labor Department.

U.S. wholesale inventories rose 0.6 percent for July, versus economists’ expectations for a 0.7 percent increase.

Posted-In: Mid-Afternoon Market UpdateNews Eurozone Commodities Global Intraday Update Markets

 

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